Study On Evaluation System For Venture Capital

The venture capital is one kind of high risk investment behavior, regardless of the decision-making before invests and the management after investment, all need a set of rigorous effective appraisals systems. Said from some kind of significance, the appraisal system has decided the success or failure of venture capital. The research work our country carried out on venture capital evaluation started later, although has obtained some achievements, but still has many problems. Along with Chinese economy, technical rapid development, the high tech enterprises are at a very fast speed, more and more high-tech enterprises will occur. The demand to the venture capital can be bigger, so it's an urgent need to establish a scientific and reasonable evaluating system for the venture capital according to the situation of our country.In the studying process, this thesis is centered on the qualitative analysis accompanied by quantitative analysis. The author uses the theory of system and the method of analytical hierarchy process and the idea of project management to study the problem based on the investigating and grasping the mass correlating literature and information. The studying route is: first, using the system theory to building the framework of the evaluating system for the venture capital; second, discussing the problem according to the different characteristic, the different fund demanding, the different evaluating index, the different measure of assessment and the different strategy of investment.This thesis begins with the analysis of characteristic and executing process in the venture capital, exercises the system theory to building the framework of the evaluating system for the venture capital standing on the viewpoint of investor and discusses the correlation contents in the framework.In the thesis, the author stresses on two matters-benefit evaluation and risk evaluation, which are the main contents in venture capital evaluation. In the discussion of beneficial evaluation, the author analysis the basic assumptions in it, points out the means of the sale forecast for the venture enterprises in different phase. The author also analysis the existing methods of assets assessment, puts forward that the option pricing method fits with the assets assessment for the venture enterprises. Based on the former analysis, the author builds an integrated process for the benefit evaluation.In the discussion of risk appraising, the author analysis the connotation of risk andthe characteristic of risk in venture capital, puts forward the appropriate means of risk discriminating for the venture capital. Via the analysis of risk factors existing in the venture capital, builds the index system for the risk assessment, points out the different risk indexes and means for the evaluation of venture enterprise in different phase. This thesis also uses the method of analytical hierarchy process and fuzzy evaluation to comprehensively analysis the risk of venture capital.In the end, this thesis briefly dissertates the decision-making in the venture capital, puts forward the feasible measure of project choosing, establish the decision-making model according to maximum benefit in combination investment.This article main innovation spot includes: One, has established the venture capital appraisal system frame which embarks from the risk investor angle; two, has established the venture capital benefit appraisal procedure, has pointed out the benefit appraisal suitable method and the appraisal key; three, has proposed the feasible project choice method based on the risk/benefit union analysis, has established combination investment decision-making model taking the benefit maximization as the goal.The evaluation system for the venture capital is a very multifarious system involved multifarious knowledge. Limited by ability, the author only stresses on the benefit and risk evaluation, the rest contents are waiting for more study in late.